While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
Capital markets regulator Sebi has kept in 'abeyance' the proposed initial share sale of securities depository NSDL. However, the Securities and Exchange Board of India (Sebi) did not clarify further. The National Securities Depository Ltd (NSDL) filed its preliminary papers with the capital markets regulator on July 7.
We have millions of newbie investors who are clueless about how to handle sudden and severe adverse market reactions, which arrive from time to time, observes Debashis Basu.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
Niti Aayog will prepare the next list of central public sector companies for disinvestment in the next few weeks, its vice chairman Rajiv Kumar said on Thursday and expressed hope that the proposed asset reconstruction and management companies to address banks' bad loan woes will do a good job like the UTI. Days after Finance Minister Nirmala Sitharaman announced the Union Budget for 2021-22 laying out various measures (including disinvestment proposals) to bolster the pandemic-hit economy, Kumar also emphasised that the Modi government has shown consistent commitment for the welfare of farmers and for the improvement of the agriculture sector. "Now the process has begun... We will complete preparation of the next list in the next few weeks, we have got the marching order," Kumar said about the list of public sector companies for the next round of stake sales.
The asset manager is yet to resolve the impasse surrounding the payment of pension to its erstwhile employees who had opted for voluntary retirement in 2003.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
Debt-ridden Vodafone Idea (VIL) has decided to opt for converting about Rs 16,000 crore interest dues liability payable to the government into equity which will amount to around 35.8 per cent stake in the company, as per a regulatory filing of the telecom firm. If the plan goes through, the government will become the biggest shareholder in the company which is reeling under a debt burden of about Rs 1.95 lakh crore. "...the board of directors, at its meeting held on 10th January 2022, has approved the conversion of the full amount of such interest related to spectrum auction instalments and AGR dues into equity.
The government is looking to sell shares of Reliance Industries (RIL) held through Specified Undertaking of the Unit Trust of India (SUUTI) and is soon going to appoint an intermediary to manage it. The plan is to sell about 8 lakh shares of RIL that will help the government garner around Rs 180 crore. The Department of Investment and Public Asset Management (DIPAM) will appoint an intermediary that will act as a custodian of these shares. The intermediary, based on its market analysis, will offload these shares at the best price, said an official. A final approval on the proposal is expected soon.
Last week, govt sold shares worth Rs 220 crore in the open market without making a formal announcement. The deal came to light only this week.
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
Shares of ITC, Axis Bank and Larsen & Toubro are likely to stay with the Specified Undertaking of the Unit Trust of India, which was to be wound up in June.Legal opinion received by the government suggests that SUUTI can exist as long as all investors in one of the schemes floated by the erstwhile Unit Trust of India have not redeemed their investment, sources close to the development said. The value of the shares of the three blue chips was estimated at over Rs 15,000 cr.
The Specified Undertaker of Unit Trust of India (SUUTI) is ready to pay the Rs 8,000 crore due to the 1.2 million investors in Unit Scheme 1964 (US-64), many of whom have been associated with India's oldest mutual fund scheme for 44 years.
M Damodaran is likely to head the new market value-based UTI Mutual Fund, promoted by LIC and three leading banks, after the new fund becomes operational from February 1.
Officials said there had been no official word or indication from the top yet. The expectation from officials is to do what they can, but it is understood that all fiscal and budgetary targets don't matter anymore.
T Row Price, the largest stakeholder in the UTI AMC, has threatened to pull out alleging that the ministry of finance is thrusting its own candidate as the CMD of the company.
Centre might move swiftly on its next round of strategic sales in CPSEs
The Axis Bank share sale was launched on Thursday in an indicative price band of roughly Rs 1,290 to Rs 1,357 a share.
Century Textiles & Industries Ltd named Raghu Palat a nominee director on behalf of Unit Trust of India. He replaces A P Kurian.
The Indian economy and stock markets will continue to do well and investors will gain if they remain invested in the capital market, Unit Trust of India Chairman and Managing Director, U K Sinha, said.
During Vajpayee's tenure, he was there as an indispensable insider, witness to every action that had an impact on history: Pokhran-II (nuclear tests in 1998), the 1999 Kargil conflict between India and Pakistan, the Indo-Pak Agra Summit in 2001, intense engagement with the United States on nuclear issues besides the Kandahar hijack.
Subex Systems Ltd will seek holdersÂ’ nod to allot up to 18,87,000 redeemable optionally convertible cumulative preference shares of Rs 98 each totaling Rs 18.49 crore.
An official close to the development said the tender invited by the SUUTI closed in the second week of this month and 12 parties submitted their expressions of interest.
These tax-free bonds were issued in 2003 to bail out Unit Trust of India's flagship scheme US-64, which got into trouble because of lack of transparency in its portfolio composition and investment strategy. Now these investors will finally get their due. And if you are among those, who have still not decided on what should be done with this windfall, financial advisors say the money should be channelled in instruments depending upon your age and risk profile.
Bonds worth about Rs 3,300 crore (Rs 33 billion) are held by institutions and retail investors in dematerialised form or demat, which will be redeemed automatically. In fact, the redemption process, which is the biggest ever in India, has already begun for bonds worth Rs 700 crore (Rs 7 billion) that are held in demat form by institutions.
The stock was the worst hit among Sensex and Nifty components.
Printing of Permanent Account Numbers for Income Tax payers have been outsourced to various agencies, Rajya Sabha was told on Tuesday.
Unit Trust of India said following its bifurcation, two schemes listed on BSE - Mutual Fund (Subsidiary) Unit Scheme and Master Value Unit Plan - have gone to UTI 11.
International Finance Corporation, the private equity venture of the World Bank Group, DEG, one of the largest European development finance institutions, are eyeing a stake in State Industrial Corporation of Maharashtra.
The Indian Institute of Capital Markets invites applications for its one-year full-time post graduate Securities Markets Programme.
Mutual funds have given investors the choice to move away from traditional investment options
Suuti's merchant bankers give proposal; deal value could be Rs 2,800 crore
Fidelity's head of investment strategy defends his lengthy portfolio and explains his approach.
Finance Minister P Chidambaram on Friday began his day-long visit to the financial capital by reviewing the operations of Unit Trust of India.
Riding high on upswing in the steel sector, Essar Steel has repaid entire Rs 927 crore (Rs 9.27 billion) debt of Unit Trust of India.
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